Bitcoin still ahead of Facebook’s Libra
Bitcoin was the original cryptocurrency and has been available for more than a decade. Today, it is more popular than any other crypto coin on the market. However, the currency does have significant competitors from the likes of Ripple, Ethereum and Litecoin. These three coins have been seriously competing against BTC for four years, but Facebook’s Libra Coin has already surpassed them. This coin has yet to launch and will mark a significant blow to financial markets worldwide. Libra hasn’t beaten Bitcoin yet, and many analysts estimate that the currency never will.
The price of Bitcoin has surged dramatically recently. This surge primarily has to do with the growing interest in Libra, which is bringing renewed interest into cryptocurrency worldwide — considering that worldwide financial regulators are implementing legislation that would stop Libra dead in its track. This means the surge would be an all-around growth for Bitcoin.
There is significant interest from the public regarding Libra. Financial investors, traders and average consumers would be acted to interact with one another through all of Facebook’s owned messaging platforms. Consumers could send family members in another nation money. However, with countries like the United States and India publicly stating disapproval of Libra, Mark Zuckerberg will have to do some convincing if Libra is to go anywhere.
Libra is bad for Everybody
Donald Trump, the President of the United States of America, was made aware of cryptocurrency last week. He tweeted disapproval of both cryptocurrency and blockchain technologies. This tweet brings more growth for Bitcoin but also puts them in the path of legislators. The existence of Libra potentially might cause for all cryptocurrencies and blockchain services to be terminated in various nations worldwide.
Currently, Bitcoin is the most known cryptocurrency in America, with 58% of household names knowing about the currency. However, all other cryptocurrencies are ranging at 16%. In just a month, Libra has jumped from 0% to 17%. This is considerably higher than Ethereum, which has the attention of 12% of the American people.
The Managing Director for the United States eToro subsidiary stated: “We believe that crypto and the blockchain technology that underpins it will be essential to tomorrow’s economy. Introducing the concept to a new audience, Libra could play a vital role in the evolution of decentralized and more democratized finance.”
Bitcoin is Trustworthy
Most consumers of Facebook will be wary of using Libra. The social media giant has undergone significant backlash worldwide for its data-sharing scandal. The company was found to be selling user information to online websites and third-world nations. Currently, Facebook has been fighting with the United States Government in public court appearances. Over 54% of people aware of Libra have expressed that they won’t use this upcoming service from Facebook.